FINANCIAL NEWS

Nakheel has 85% acceptances of debt restructuring plan

03 Oct 2010

(MENAFN) Nakheel Development Ltd, the property arm of state-owned conglomerate Dubai World said that the company is sure that it is going to finish its debt restructuring by the end of 2010 and that it has 85 percent of acceptances, Trade Arabia reported.

Under Nakheel’s restructuring plan, trade creditors have been offered 40 percent of what they are owed in cash and the remaining 60 percent through a sukuk Islamic bond.

The company said that it is started negotiating for listing an Islamic bond, sukuk, on Nasdaq Dubai.

Nakheel is planning to issue a $1.63 billion Islamic bond as part of its debt settlement plan as it resumes some major developments.

The statement added that the company has repaid trade creditors $925.9 million as part of the debt restructuring plan.

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